Commentary
Budget 2022: Expect more tax hikes on the rich in Singapore
The days of taxation with a light touch are over. This Budget is a first step towards a tax system where those with more will contribute more.
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On Feb 18, Mr Lawrence Wong delivered his first Budget as Finance Minister.
ST PHOTO: GAVIN FOO
SINGAPORE - A Budget consists of two sides: expenditure and revenue.
Many Budgets in recent years, pre-Covid-19, were big on the spending side. They were headlined bonanzas or bonuses; and the finance minister announcing them, often around the Chinese New Year period, was likened to the God of Fortune, who dispenses money.